Newspaper wrap-up 1-30-07: Sony blames PS3 for profit shortfall
Posted Jan 30th 2007 8:40AM by Eric Buscemi
Filed under: India, Sony Corp ADR (SNE), US Airways Group (LCC), Dow Chemical (DOW)
MAJOR PAPERS:
- The Wall Street Journal (subscription required) reported that Saudi Arabia is cutting oil output by an additional 158,000 barrels a day, part of a broader campaign by OPEC to shrink inventories and shore up prices.
- Also in the Journal, Delta Air Lines (OTC: DALRQ) said that if it defeats U.S. Airways Group Inc's (NYSE: LCC) hostile takeover it won't rule out possibly merging with another airline.
- The Financial Times Deutschland (subscription required) reported that Dow Chemical Company (NYSE: DOW) is in talks with Gazprom over a joint development.
OTHER PAPERS:
- The Economic Times noted that Standard & Poor's raised India's debt rating to investment grade for the first time in 14 years on the strength of record growth and foreign exchange reserves.
- The New York Times wrote that Sony Corporation (NYSE: SNE) profits fell on losses for PlayStation 3 as the company faulted a strategic decision to set the price of PS 3 below the cost of production as a way to bolster market share.
- The Investor's Business Daily's "New Issue America" column highlighted Mellanox Technologies, a tech startup that is expected to come public the week of February 5 with an offering price of $12-$14.
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